Westpac tops $2bn funding with RMBS

Westpac Banking Corp priced a A$2.1bn RMBS at the end of last week, more than doubling the size from its initial plan. Commonwealth Bank of Australia will be hot on its heels with its own RMBS transaction, which could include a dollar tranche in response to rising offshore interest, said debt bankers.

  • 18 Feb 2013
Westpac priced a A$1.93m Class ‘A’ tranche at 85bp over the one month bank bill swap rate. Final pricing on a A$71m Class ‘B’ tranche and an A$97m Class ‘C’ note were not disclosed.

Bankers did not release allocation statistics, but they said the deal drew strong demand from ...

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1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

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5 Barclays 13,499.53 45 7.13%